Binance signs agreement to launch Binance Pay and support crypto education in Kyrgyzstan
Binance co-founder Changpeng “CZ” Zhao has proposed that Kyrgyzstan include Bitcoin and BNB as its first digital assets to form a national crypto reserve. This suggestion marks a bold step in the country’s growing embrace of digital assets and blockchain technology.
Bitcoin and BNB as Reserve Assets
On 5 May, CZ revealed on X (formerly Twitter) that he had advised Kyrgyzstan’s government to begin building its national crypto reserves with Bitcoin and BNB. The move comes as the Central Asian nation increases its focus on becoming a crypto-friendly jurisdiction.
The proposal carries weight, especially considering CZ’s holdings. In 2024, Forbes reported that he owns around 94 million BNB tokens, approximately 64% of its circulating supply, valued at nearly $55 billion at the time.
CZ’s recommendation follows his announcement that he is officially advising the National Investment Agency (NIA) of Kyrgyzstan on blockchain frameworks and crypto policy. He described this work as “extremely meaningful,” and added that he’s been advising various governments on similar strategies.
Binance Pay Set to Launch in Kyrgyzstan
Just a day before CZ’s latest announcement, Binance signed a memorandum of understanding (MoU) with the Kyrgyz NIA to introduce Binance Pay in the country. This will allow users to make crypto payments using the platform and marks a significant move towards mainstream digital currency adoption in Kyrgyzstan.
The MoU also outlines efforts to promote blockchain education. Binance Academy will work alongside local government bodies to create educational programmes focused on blockchain and digital finance.
Kyrgyzstan’s Push for Digital Assets
Kyrgyzstan has taken notable steps in recent months to modernise its financial infrastructure. On 17 April, President Sadyr Zhaparov signed legislation approving a central bank digital currency (CBDC) pilot programme and granting legal status to a digital version of the national currency.
In addition, reports have emerged that Kyrgyzstan is planning to introduce a gold-backed stablecoin, pegged to the US dollar and named the Gold Dollar (USDKG). Backed by $500 million in gold reserves, the project is said to be supported by the Ministry of Finance, although official confirmation is pending.
A New Standard in Global Crypto Adoption?
CZ’s proposal signals a shift in the perception of cryptocurrency. No longer seen purely as speculative or corporate assets, digital currencies like Bitcoin and BNB are now being positioned as potential components of national financial strategies.
If Kyrgyzstan adopts this approach, it may pave the way for other developing economies to follow suit. Establishing crypto reserves could not only provide a hedge against inflation and market volatility but also encourage innovation within the country’s tech and finance sectors.
As more governments explore digital assets, the idea of integrating cryptocurrencies into national reserves may soon become more than just a proposal, it could redefine global economic policy.
